Types of financial operations

Listen to Talk No 2 and answer the questions below. Then listen again and check your answers.

1. What is the topic of the talk?

2. What steps did Congress take to establish a better bank­ing system?

3. What kind of banking system was finally created?

4. What were the advantages of a new banking system?

5. What were the disadvantages of a new banking system?

11 * Fill the gaps in Talk No 3 below with prepositions from the box. You can use every preposition as many times as necessary. There are two prepositions which you don't need to use.

about, and, between, by, during, for, from, in, of, on, through, to, with

Good morning. We continue our talk on the history of American money and banking. Today, as you know, we are going to speak (1)______ the third period, _____(2)______1913_____(3)_____the present. It has been a period_____(4)_____reform and regulation.

_____(5)_____1913 Congress passed the Federal Reserve Act, establishing the Federal Reserve System, or Fed. The Fed became the nation's central bank. All national banks were required to join the Fed. State banks were free to join, or to operate as non-member banks. Today about 4,750 national banks and about 1,050 state banks are Fed members.

The Fed administers this banking system_____(6)_____ 12 Federal Reserve banks, each representing a section _____(7)______ the United States. A Board of Governors, appointed ______(8)______ the President and confirmed _____(9)_____the Senate, sets Fed policy. The Fed is con­trolled, but not owned,_____(10)_____the government. The more than 5,800 member banks, however, are the Fed's own­ers.

_____(11)_____its early years, the Fed experienced both success______(12)______failure. The chief success was theFed's liability to provide the government and other banks ____(13) _____ enough credit to finance the United States effort______(14)______World War I. Its chief failure was its inability to control credit during the 1920s._____(15)_____ fact, the overextension ____(16)______ credit and the resulting borrower defaults were major causes _____(17)_____ the Great Depression _____(l8)______ the 1930s.

_____(19)_____ the Great Depression, financial panic swept the nation. Many savers withdrew their deposits ______(20)______ banks, causing many banks to fail. ______(21)______ 1930 ______(22)______ 1933, more than 5,100 banks failed, some 4,000 in 1933 alone.

Franklin D. Roosevelt's election to the Presidency ______(23)______ 1932 brought immediate and lasting changes_____(24)______the monetary and banking systems.

Roosevelt restored public confidence _____(25)______ the economy and ______(26)______the banks, which were..reopened after certification. Soon people and businesses began to use the banks again.

Banking has rapidly changed ______(27)______ recent years. Federal banking deregulation has led_____(28)_____ competition and reorganization_____(29)_____the banking

industry. Today, Americans have a wide choice of financial institutions where they are offered a variety_____(30)_____ banking services.

Unit 3. READING COMPREHENSION

Дата добавления: 2014-12-29